Vietnamese Prime Minister Lê Minh Hưng has mandated the Ministry of Industry and Trade to draft a new decree revising the country’s petroleum trading regulations by November 10, 2026. This initiative aims to improve the efficiency and transparency of Vietnam’s fuel distribution system, bolster supply security, and streamline market operations.
The directive, issued on October 21, requires the ministry to work closely with other government departments to finalize these regulatory changes. Key objectives include reducing the number of major petroleum traders, thereby enhancing their capacity to secure supplies and maintain reserves, and clearly defining responsibilities to avert fuel shortages.
The proposed reforms also seek to refine the distribution network by eliminating unnecessary intermediaries and cutting operating costs, creating a more efficient and transparent petroleum market. A significant aspect of the draft decree is the introduction of a new pricing framework. Petroleum businesses would be permitted to set and announce retail prices within their networks using a government-established pricing formula, replacing the existing system of periodically published benchmark prices.
Businesses would need to declare any price adjustments and keep the authorities informed, allowing for monitoring and market oversight. While the government intends to maintain supervisory control, this approach would enable prices to align more closely with market dynamics.
Additional measures in the draft regulations aim to curb speculation, market manipulation, and unjustified price hikes. The government intends to retain intervention capabilities to stabilize the market and protect consumers when necessary.
The Ministry of Industry and Trade has also been tasked with preparing plans to ensure consistent petroleum supplies and coordinate with relevant agencies to prevent distribution disruptions. Overall, the proposed decree aims to fortify Vietnam’s petroleum regulatory framework, enhance distribution efficiency, and secure national energy resources while transitioning towards a more market-oriented system under state management.